LIC New Bima Bachat Plan No. 916 | Money Back + Fixed Deposit + Insurance Cover

LIC New Bima Bachat Plan No. 916 | Money Back + Fixed Deposit + Insurance Cover

New Bima Bachat Plan No. 916 is a single premium, non-linked, with profits Money Back type Plan.

Features & Conditions:

Minimum age at entry : 15 years (Completed)
Maximum age at entry : 50 years (Nearer Birthday)
Maximum Sum Assured : No limit

Available Riders:

LIC’s Accidental Death and Disability Benefit Rider and Term Rider for full Policy Term.

Payment Mode of Premium: 

Single Premium Payment (One-Time)

Policy Loan:

Only after one policy year.

Surrender:

First Year: 75% of Single Premium.

2″ Year Onwards: 90% of Single Premium less Survival Benefits Paid

Back Dating:

Allowed  without  lean  months benefit. Interest will be charged for exact no. of days from DOC to date of payment.

Proposal Form: 

Form 300, 340 or Form 360

Income Tax Benefits:

On Basic Premium : U/s 80C up to 10% of Sum Assured
Maturity Amount : Taxable as per Income Tax rules
Death Claim : Exempt u/s 10 (10D) as per Income Tax rules

All Bima Bachat Plan No. 916 Details with example are available in Video. Please check the video given below.

SUM ASSURED ON DEATH: Basic Sum Assured

DEATH BENEFIT:

During 1st five years policy years : Sum Assured on Death

From 6th year onwards : Sum Assured on Death + Loyalty Addition, if any.

SURVIVAL BENEFIT:

MATURITY BENEFIT:

Single Premium Paid + Loyalty Additions, if any.

Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.


Age Proofs: All Allowed.


Female Lives  : All Allowed.

Third Gender: Standard Age proof is must. Proposal will be decided
at CO NB&R Department.

Kevman/Partnership/Empl-Employee: Allowed only under Employer-Employee

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